Become Govt. Certified GST Practitioner in just 58 hrs. Register Now!

Goods in transit

kuppu subramanian (9 Points)

27 June 2017

say we receive stocks on 0107217 from vat invoice billed on 29062017 @ 5%.what will be the method to claim itc.

Reply
Follow
Share

8 Replies

natarajan (SM - Audit & Taxation) (156 Points)
Replied 27 June 2017

Dear sir,

30 days time given for transition stock. Meaning, you are eligible to take Input credit of the item under VAT Regime.

hope it is clear

Upgrade to CAclubindia Pro. Subscribe Now!

kuppu subramanian (9 Points)
Replied 27 June 2017

do we take credit in june vat a/c or in july gst a/c and if in gst is there any separate form?

pl clarify

thanks sir

Mansoor Mampad (99 Points)
Replied 27 June 2017

You can report such purchases in your GSTR -2 itself and claim IPT

Vinay Garg (Student cum businessman cum professional) (859 Points)
Replied 27 June 2017

The point of taxation, in this case, falls on 29/06/2017. So, GST will not be applicable on that.

Vinay Garg (Student cum businessman cum professional) (859 Points)
Replied 27 June 2017

You can get detailed info here. https://cleartax.in/s/transition-provisions-of-goods-in-transit-under-gst

Upgrade to CAclubindia Pro. Subscribe Now!

Vinay Garg (Student cum businessman cum professional) (859 Points)
Replied 27 June 2017

A registered taxable person can claim input tax credit of goods/services received after GST for which tax has been paid under earlier law. The condition is that invoice or proof of tax payment must recorded in books of accounts within 30 days from GST implementation date .

So you can claim ITC under GST provided you record the purchase before 30/08/17